Fleet Feet, Inc. announced an 18% overall revenue growth during the first quarter of 2004 as compared to first quarter 2003, and posted 11.7% growth in revenue for comparative store sales.
Fleet Feet also welcomed four new stores in Bozeman, Mont., Redding, Calif., Huntsville, Ala., and Tucson, Ariz.; and, acquired four existing stores in Northeast Ohio bringing the total number of Fleet Feet stores to 60 nationwide.
“After a financially challenging 2003, we are extremely encouraged by the performance of our stores, which is the result of the hard work of our owners, vendor partners and other stakeholders in Fleet Feet ,” said Tom Raynor, chairman and CEO, Fleet Feet. “Im continually proud of the contribution our locally owned and operated stores make to their individual communities. Consistently excellent customer service and a positive attitude have served us well in these uncertain times.
“Our first quarter results put us back in the ballpark of consistent, double-digit growth, something we havent seen since third quarter 2002,” said Raynor. “Solid inventory management and superior customer service the core of the Fleet Feet philosophy has allowed us to weather the economic storm. We look forward to maintaining these results over the next three quarters, and plan to open eight more stores this year.”
Fleet Feet also made key personnel changes and additions in order to keep pace with the growth of the company and the needs of its franchise community.
- Tom Raynor becomes chairman and CEO of Fleet Feet, Inc.
- Jeff Phillips, formerly Fleet Feet general manager, has been promoted to president. Phillips joined Fleet Feet in July of 2001 to head up new business development and direct Fleet Feets marketing and communications efforts before being named general manager in July of 2002. Phillips brings over 20 years of industry experience to his new role, including 14 years with leading running manufacture Brooks Sports.
- Chris Bevin has been promoted from director to vice president of franchise operations. Bevin has been with Fleet Feet for 10 years starting as the owner of a franchise store in Carrboro, N.C., and moving to Fleet Feet Incorporated in 1999 to oversee franchise development and support. Bevin became director of franchise operations in 2002 responsible for the ongoing growth and profitability of all stores. Bevin is a 16-year veteran of the running specialty retail business.
- Joey Pointer joins Fleet Feet in a new position of financial manager, where hell oversee the financial management of the corporation and provide financial analysis and consulting for the franchisees. Pointer most recently worked as a senior tax consultant at Ernst & Young.
- Danielle Borgman has been named development coordinator responsible for supporting new and existing franchisees through all stages of development. Borgman is a graduate of the University of North Carolina at Chapel Hill and is recently retired from the WUSA professional soccer league where she played for the San Jose Cyberrays and Carolina Courage.
“In light of the current and future growth of our business, its imperative we structure our staff and bring in new talent to meet the requirements of our franchisees, as well as take advantage of emerging opportunities.,” explained Raynor. “This is just the beginning of the changes for Fleet Feet as we position ourselves to be the leading running specialty brand. To achieve our goal, well have to have a concerted, committed effort by our store owners, their employees, the staff at Fleet Feet, Inc., our vendor partners and other stakeholders in our business.”